此次成功发行，是申万宏源践行 "金融赋能实体经济"的具体体现。公司积极响 应国家关于构建房地产发展新模式的号召，以专业金融服务为保障性住房建设赋 能。 项目在申万宏源集团内部由固定收益融资总部、机构客户总部与宏源汇智高效 协同，深度贯彻 "投行+投资"战略理念。各板块充分发挥专业优势，精准把握市场 机遇，用实际行动彰显了头部券商服务国家战略、践行普惠金融的责任与担当。 申万宏源助力上海经济发展 2026年2月13日，申万宏源作为销售机构，助力"新黄浦筑梦城保租房持有型不 动产资产支持专项计划"（简称"新黄浦01"）在上交所成功设立。项目发行规模 11.942亿元，原始权益人为上海新黄浦实业控股集团股份有限公司（600638.SH） ，本项目为申万宏源证券于华东地区承销的首单机构间 REITs项目，具有里程碑意 义 。 本次发行目标资产 ——新黄浦筑梦城·梅陇国际社区，是响应国家"房住不 炒"、加快发展保障性租赁住房政策的优质资产。 凭借过硬的资产质量和申万宏源强大的专业销售推介能力，项目一经推出即引 爆市场投资热情，获得多元化投资机构的踊跃认购，最终实现全场多倍超募。 免责声明 投资有风险，入市需谨慎。本内容 ...

【新春走基层｜"他乡"变"吾乡" "快递小哥"诉说上海保租房里的春节喜乐】2月22日（正月初六）晚上 七点半，忙碌了一天的"快递小哥"李伟（化名）终于收工，回到位于上海市黄浦区"新时代城市建设者 管理者之家"的联寓公寓。推开房门一股温馨感扑面而来，4张床铺都收拾得整整齐齐，提前到家的舍友 已煮好饺子，从老家寄来的香肠和腊肉也已切片摆盘。 联寓公寓相关负责人表示，本次活动以"新春游园会+潮流轰趴"为特色定位，在营造浓浓年味儿的同 时，多家社区共建单位也为坚守城市、留沪过年的 "城市建设者管理者"送上真挚心意与新春祝福。现 场"微心愿"墙上的美好愿望，也将逐一落地实现。 "原来，我们真的能成为社区的'圈里人'。"李伟表示，"联寓公寓租户有较强的非机动车充电需求，我们 提出这一问题后，大兴居民区立刻向上反映，黄浦区在5天内便协调有关部门在公寓周边加装了40个充 电桩。" 与此同时，快递行业主管部门也为春节期间留岗的"快递小哥"保驾护航。国家邮政局日前印发的《2026 年春运期间寄递服务保障工作方案》要求，切实保障快递员合法权益。要对春节假期留岗加班的快递 员，及时足额发放加班工资和节假日补贴。要积极做好留岗过年员工 ...

相关数据显示，"十四五"期间，黄浦区已筹措各类保障性租赁住房超过1.17万套，供应超过0.88万套， 同时筹措供应"新时代城市建设者管理者之家"床位数3753张。 据介绍，为了让"快递小哥"这类城市建设者更好地融入社区，联寓公寓所在的大兴居民区还发布了"兴 聚里"特色治理品牌，并与租户们共同制定"联兴共治守则"。 联寓公寓相关负责人表示，本次活动以"新春游园会+潮流轰趴"为特色定位，在营造浓浓年味儿的同 时，多家社区共建单位也为坚守城市、留沪过年的 "城市建设者管理者"送上真挚心意与新春祝福。现 场"微心愿"墙上的美好愿望，也将逐一落地实现。 与此同时，快递行业主管部门也为春节期间留岗的"快递小哥"保驾护航。国家邮政局日前印发的《2026 年春运期间寄递服务保障工作方案》要求，切实保障快递员合法权益。要对春节假期留岗加班的快递 员，及时足额发放加班工资和节假日补贴。要积极做好留岗过年员工餐饮、住宿、医疗等服务保障，鼓 励发放"留岗红包"和"过年礼包"。 韵达股份相关负责人表示，春节假期间，为稳定一线运力、保障小哥权益，韵达上海公司推出阶梯式激 励与暖心保障：实行派费提升、每日发放值班补贴，让留沪值班的快递小哥 ...

Core Viewpoint - The article highlights the cultural significance of the Chinese New Year ("年味") and how it is experienced by various communities in Shanghai, particularly by migrant workers and entrepreneurs who may not return home for the holiday. The community becomes a space for them to create and experience the festive atmosphere together. Group 1: Community and Living Conditions - A rental community in Shanghai, consisting of 926 units ranging from 51 to 93 square meters, has attracted many new residents due to its prime location and fully furnished apartments, making it appealing for those working in the city [5] - The community offers convenient amenities such as a supermarket and a community canteen, which enhance the living experience for residents [6] - The rental model allows residents to pay rent using their housing provident fund and sign contracts directly with state-owned landlords, simplifying the rental process [6] Group 2: Social Activities and Integration - The community organizes various social events, including activities for traditional festivals like the Spring Festival, fostering interaction among residents [6][8] - Residents, including foreign tenants, participate in cultural activities such as writing couplets and playing traditional games, creating a sense of belonging and shared experience [8] - The community serves as a long-term home for its residents, who appreciate the quality of life and the supportive environment it provides for their entrepreneurial endeavors [8]

Core Viewpoint - The article discusses a significant shift in the housing market, where government-led initiatives to purchase second-hand homes are emerging as a crucial trend for 2026, indicating a deep restructuring of the housing system rather than a temporary market rescue [2][25]. Group 1: Government Initiatives - Multiple cities, including Shanghai, Nanjing, Hangzhou, and Haikou, are initiating a "stock housing acquisition wave" led by the government [2]. - In Shanghai, pilot programs are being launched in key districts such as Pudong, Jing'an, and Xuhui, with specific requirements for the properties being acquired [3][5]. - The acquisition conditions include properties built before 2000, with a maximum area of 70 square meters and a total price cap of 4 million yuan, with financial support from China Construction Bank [5]. Group 2: Housing Supply and Demand Dynamics - The acquired properties will be converted into affordable rental housing to support new citizens and young people [5][10]. - The acquisition model aims to address liquidity issues in the stock housing market while simultaneously creating affordable housing options [10][11]. - The policy is designed to stimulate the new housing market by releasing funds and housing vouchers, thereby facilitating a smoother transition for homeowners [9][15]. Group 3: Broader Implications - The current initiatives are seen as a way to build confidence in the housing market and provide a predictable exit mechanism during times of slow market liquidity [13][14]. - The approach benefits multiple stakeholders, including homeowners looking to upgrade and renters seeking affordable housing, ultimately improving overall market liquidity [16]. - The article highlights that while the scope may be limited initially, the signal sent by these policies is clear: the government is actively working to revitalize the housing market [15][26]. Group 4: Case Study - Chongqing - Chongqing has not officially announced the purchase of individual second-hand homes but is exploring beneficial strategies within the broader framework of stock revitalization [18]. - In early 2024, state-owned enterprises in Chongqing acquired seven stock housing projects, totaling 4,207 units, demonstrating a proactive approach to housing supply [20]. - The city has implemented various measures to stabilize the real estate market, including a recent announcement of 22 policies aimed at revitalizing stock housing [23][24].

三湘都市报·新湖南客户端全媒体记者 卜岚 通讯员 刘时羽 近日，上海浦东新区、静安区、徐汇区正式启动首批试点，通过收购二手房扩充保障性租赁住房供给， 此举迅速引发全国房地产市场关注。 事实上，此前郑州、长沙等城市已率先开展相关探索，不过大多采用"以旧换新"的模式。而上海此次跳 出传统"以旧换新"框架，采用了现金收购与房票置换并行的方式。这一新模式是否会在全国推广？ 多地试水存量房收购，长沙已有政策铺垫 日前，中国建设银行上海市分行宣布，将对上海市试点收购二手住房用于保障性租赁住房项目提供全周 期金融支持。浦东新区、静安区、徐汇区作为试点区，首批拟收购房源聚焦房型匹配、配套成熟等特 征，重点对接新市民、青年人及大学毕业生的租赁需求。 值得注意的是，上海收购对象为总价低的"老破小"，例如，浦东新区将优先收购内环内2000年以前、单 套面积70平方米以下、总价不高于400万元、产权清晰的二手房。 相较于上海此次针对性的试点举措，长沙在存量商品房收购领域的探索早已启动。不过与上海这次试点 不同，长沙重点将存量商品房转化为保障房或人才住房，也就是房地产市场中待消化的现有房源。 2025年7月，长沙市住建局等12部门联合 ...

Core Viewpoint - The transition of the real estate market from an incremental to a stock era has led to non-residential stock renovation projects becoming a significant source of affordable rental housing in Beijing [2][5]. Group 1: Non-Residential Stock Renovation Projects - Non-residential stock primarily refers to completed commercial, office, hotel, and apartment buildings. The implementation of commercial office purchase restrictions in Beijing since 2017 has prompted developers to find ways to monetize idle assets in suburban areas [2][5]. - The Dragon Lake Guanyu Capital Airport project, which is a typical example of non-residential stock renovation, includes 660 units, with 300 designated for recent graduates working in Beijing [5][6]. - From 2022 to 2024, 28 non-residential stock renovation projects were recognized by Beijing's housing authority, contributing to 18,000 units, making it the second-largest source of affordable rental housing [6][9]. Group 2: Impact on Urban Development - Renovating idle commercial projects into rental housing not only revitalizes the projects themselves but also enhances the surrounding urban infrastructure, including public utilities and community amenities [10]. - The Dragon Lake Guanyu project, despite having only 660 units, has created a small living circle that injects vitality into the surrounding community, thereby increasing the commercial viability of nearby businesses [10][11]. - The transformation of commercial properties into rental housing is becoming a common strategy in many cities, with the potential to significantly boost local economies by increasing foot traffic and consumer activity [11]. Group 3: Policy Evolution - The Chinese government has progressively encouraged the conversion of non-residential stock into rental housing since 2016, with various policies formalizing this approach [13][14]. - By 2023, the Beijing housing authority implemented measures to simplify the approval process for such renovations, significantly lowering the barriers to entry for developers [15]. - The proportion of non-residential stock renovation projects in Beijing is expected to rise from under 10% to nearly 30% by the end of 2025, marking a shift towards prioritizing stock renovation alongside new construction [15][16].

Core Insights - The article emphasizes the importance of optimizing the supply of affordable housing, with a focus on transforming idle commercial properties into affordable rental housing, known as "commercial-to-affordable" (商改保) [1] - Financial institutions play a crucial role in supporting these initiatives, exemplified by the establishment of a 30 billion yuan housing rental fund by China Construction Bank [1] - The successful transformation of a vacant office building into a rental housing project in Beijing demonstrates the viability of this model, achieving a rental rate of 92.8% within a year of operation [3][5] Group 1: Project Overview - The CCB Jianrong Home project in Beijing represents a collaboration between various entities, marking the first affordable rental housing project under the Jianxin Housing Rental Fund [2] - The project features modern amenities such as a shared lobby café, gym, and communal kitchen, catering to the needs of tenants while fostering community interaction [2] - The transformation from an idle office building to a functional living space involved modular design and efficient use of existing structures, enhancing operational returns [3][6] Group 2: Operational Efficiency - The project adopted an industrialized and modular renovation approach, reducing costs from an initial estimate of 2,500 yuan per square meter to approximately 2,300 yuan [6] - The renovation process was completed in a significantly shorter timeframe than industry averages, with key procedures finalized in just 66 days [6] - The integration of digital management systems allows for efficient monitoring and management of the property, enhancing tenant experience and operational efficiency [7] Group 3: Market Viability - The "commercial-to-affordable" model has proven effective in revitalizing underperforming assets, as evidenced by the project's success despite initial market skepticism regarding its location and competition [5] - The establishment of affordable housing REITs has become a pivotal mechanism for revitalizing idle assets and addressing housing supply needs, with eight such REITs successfully issued to date [8] - The financial structure provided by REITs addresses long-standing challenges in the rental housing sector, enabling a sustainable operational model for affordable housing projects [8][9]

Core Viewpoint - The transformation of the real estate market from an incremental to a stock era has led to non-residential stock renovation projects becoming a significant source of affordable rental housing in Beijing, with a notable increase in the proportion of such projects in the upcoming years [2][5]. Group 1: Non-Residential Stock Renovation - Non-residential stock primarily refers to completed commercial, office, hotel, and apartment buildings [2]. - In 2025, non-residential stock renovation is expected to account for 100% of the third batch of affordable rental housing projects in Beijing [5]. - The renovation policy has helped developers monetize idle assets and increase the supply of rental housing, benefiting both developers and the city [2][5]. Group 2: Specific Projects - The Longfor Crown Apartment near Beijing Capital Airport is a typical example of a non-residential stock renovation project, with 660 units, 300 of which are designated for recent graduates [3][5]. - The project was initiated in 2020, with a total investment of 2.43 billion yuan and a planned construction area of 146,000 square meters [3]. - The commercial building associated with this project has seen limited sales, with only 15 units signed online as of the latest data [4]. Group 3: Policy and Market Dynamics - From 2022 to 2024, 28 non-residential stock renovation projects were recognized by the Beijing Housing and Urban-Rural Development Committee, contributing to 1.8 million units of affordable housing [7]. - The proportion of affordable housing sourced from non-residential stock renovation has increased significantly, from 41.7% in the first batch to 52.5% in the second batch [5]. - The government has implemented various policies to encourage the conversion of idle commercial properties into rental housing, including simplified approval processes and financial incentives [12][13]. Group 4: Economic and Community Impact - Renovating idle commercial properties into rental housing not only revitalizes the projects themselves but also enhances the surrounding community infrastructure, including public utilities and local businesses [8][9]. - The presence of rental apartments can stimulate local commercial activity, as seen with the Longfor Crown Apartment, which has positively impacted nearby businesses [9]. - The integration of rental housing into existing communities can lead to concerns about neighborhood tranquility, but it also brings increased foot traffic and economic activity [9].

Group 1 - The core message emphasizes the importance of cultivating future industries to seize technological and industrial leadership, enhance new productivity, and improve people's quality of life [1] - Future industries are characterized by foresight, strategic significance, and disruptive features, requiring a focus on the main directions during the "14th Five-Year Plan" period, aligning with national strategic needs and technological maturity [2] - The collective learning session highlighted the need to leverage the advantages of a new type of national system and the role of enterprises in driving innovation and technological breakthroughs [2][3] Group 2 - The Central Committee's document aims to anchor agricultural modernization and promote comprehensive rural revitalization, focusing on enhancing agricultural production capacity and implementing precise assistance measures [2][3] - Key tasks include stabilizing grain production at around 1.4 trillion jin, improving agricultural technology innovation, and ensuring farmers' stable income through effective support mechanisms [3][6] - The document outlines the necessity for systemic innovation and strong leadership in agricultural work to provide foundational support for modernization [6][7] Group 3 - The "2026 'Happy New Year' Spring Festival Special Activity Plan" aims to stimulate consumption during the Spring Festival by promoting various sectors such as dining, travel, and shopping [4][5] - The plan includes measures like prize invoices, trade-in subsidies, and financial consumer red envelopes to enhance consumer engagement and spending [5] Group 4 - The State Council's press conference clarified the central document's focus on four key tasks and two major support guarantees for rural revitalization, addressing issues like food security and agricultural technology innovation [6][7] - Emphasis is placed on developing county-level industries and ensuring stable employment for migrant workers to enhance rural economic resilience [7] Group 5 - Shanghai has initiated a program to purchase second-hand homes for affordable rental housing, targeting new citizens and young professionals to meet their housing needs [11][12] - The project aims to innovate the supply model for affordable housing by acquiring existing residential properties, thereby shortening construction cycles and optimizing regional layouts [12]